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This little company is poised to BOOM! They corner the market and could revolutionize the way State and/or National Lotteries are conducted; thereby increasing sales, reducing congestion lines to purchase, increasing profitability to the lottery operators, and enabling much faster results and notifications to winners. If marketed correctly ... absolute Gorilla here! BUSINESS WIRE -April 15, 1999--Executone Information Systems, Inc. (NASDAQ NM:XTON), announced today that it had requested NASDAQ to change the Company's trading symbol from XTON to ELOT. As of Monday April 19, 1999 the Company will begin trading on the NASDAQ National Market under the new trading symbol: ELOT. The Executone trading symbol: XTON will be retired. On March 29, 1999, the Board of Directors of Executone announced that it had voted to divest the Company's telephony and health care businesses and that it had received an offer for those businesses in the range of $70 million from a group led by Stanley J. Kabala, Chairman and Chief Executive Officer of Executone. Under the terms of the offer, all of the assets and employees of the telephony and healthcare businesses would be transferred to a new company to be privately held by management and selected outside investors. The proceeds of any sale will remain in the public company to help it accelerate the achievement of eLottery's business plans. The transaction is subject to financing, negotiation of a definitive agreement and approval by Executone shareholders. Shareholders will vote on the separation and on changing the name of the Company to eLottery, Inc. at the 1999 annual shareholders meeting which will be called when a final transaction is available to present for approval. Stanley Kabala stated, "With the sale of the telephony and healthcare assets proceeding on schedule, we believe now is the proper time to change our ticker symbol to reflect the nature of the eCommerce business that the company will become." The trading symbol for the Company's 7 1/2% convertible debentures due 2011 will also change from XTONG to ELOTG. eLottery is a web-based retailer of governmental lottery tickets. Using its past experience and market tested and secure products, eLottery is committed to leading the governmental lottery industry into the eCommerce market. As a web-based electronic ticket retailer, the company's electronic lottery tickets can be sold through, and are compatible with, current on-line systems. eLottery has positioned itself to become a leader in the area by helping governmental lotteries address the legal, political and social issues they face as a result of the rapid growth in Internet sales. The Company has developed, installed and processed 10 million eCommerce lottery ticket sales and transactions. It has operated Internet, Intranet,telephone, communications, accounting, banking, database and other applications and services that facilitate the electronic sale of new and existing lottery products worldwide. eLottery, Inc. is on the World Wide Web at: elottery.com with demonstration games at: elotteryworld.com. Executone Information Systems, Inc. develops, markets and supports voice and data communications and information systems. Products and services include telephone systems, voice mail systems, inbound and outbound call center systems, and specialized healthcare communications and workflow management systems. Executone's products and services are sold under the EXECUTONE, INFOSTAR, IDS, LIFESAVER, and INFOSTAR/ILS brand names. Executone is on the World Wide Web at: executone.com. | ||||||||||||||
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